Life Insurance

Why should I get Life Insurance?

People, who have their loved ones depending on them for financial support, should always get Life Insurance to secure the future of their loved ones. Whether it is your partner, your children, your parents or other dependents, if your absence can unleash financial hardships on them, Life Insurance may be the best solution. Our consultants will give you the best idea about the need of getting a Life Insurance.

How can Life Insurance help my loved ones?

The monetary assistance from life insurance helps your beneficiaries to pay mortgages, education, groceries, and other utilities bills in case of the policy holder’s demise or disablement. Also, a Life Insurance is a unique way to provide inheritance to your family after death. Learn the in and out of Life Insurance with our expert consultants.

How much Life Insurance is suitable for me?

A futuristic evaluation of your & your family’s lifestyle, expenses, and the impending liabilities ideally should be covered under the total amount of Life Insurance. Apart from your current assets in the form of investments, properties, deposits, and other assets; the Life Insurance should be big enough to repay or at least cover your dues. Our team of experts can help you reach the definite figure by evaluating your needs, and outline a proper amount of insurance.

Which scenarios the Life Insurances do not cover?

Usually death within 13 months of purchasing the policy, due to directly or indirectly self-inflicted injury, is not considered for payment.
Also, there are conditions mentioned in the policy which exclude death due to certain reasons or conditions, which may lead to denial of payment. Get the thorough understanding with the team compass before purchasing any Life Insurance.

Are the benefits from Life Insurance Policy are taxable?

The terms and conditions related to taxes are usually governed by the governments and so the prevailing law of the land may apply in every case. Also, it depends on the mode of receiving the benefits of Life Insurance, whether a lump sum amount or carried-on investment or payments through installments; it may attract different degrees of taxes as per the country’s tax structure. Understand the nitty-gritty of taxes on Life Insurance policy with team compass.

When should I purchase a Life Insurance policy?

It totally depends on the phase of life you are living and the health status you are expecting in the future. Usually in the young age, the insurance premiums are relatively low and they increase as your age increases or your health condition deteriorates. After any accidental injuries and illness, the cost of premiums may go drastically upwards. Ask team compass about the best time to purchase a Life Insurance.

Who can be the beneficiaries of my Life Insurance?

Commonly your spouse, children, parents, relatives, close friends, your estate, or a trust can be the beneficiary of a Life Insurance. In all the cases, the extent of benefits and applicable taxes may vary. Also, you can change the list of beneficiaries as per your requirements at any point of time. For exact implications of the terms and conditions, contact us.

Where should I buy a Life Insurance?

There is a huge no. of companies that offer Life Insurance but you should only purchase a policy from companies which are financially h3 and stable. If the company doesn’t seem to carry on business for at least a few decades, it may not be able to pay your claim off on the long run. Also, there are advisors and agents available who represent such companies; you should purchase the policy only from a trusted source such as Compass. Contact us for more information.

What is the difference between Term Life Insurance and Permanent Life Insurance?

The Term Life insurance is usually valid for a certain period of time after purchasing policy. After completion of that time, it may not give any benefits to the policy holders or their beneficiaries.
In Permanent Life Insurance, there is a surety of benefits of the policy upon death, if the conditions of the policy are met. But the premiums for Permanent Life Insurance are costlier. Contact us to know more about the difference between the both.

Can I take loans in lieu of my Life Insurance Policy?

Yes, you may borrow certain amount on your Life Insurance depending on your existing credit history, amount of premiums remaining, and outstanding loans. But there are certain terms and conditions which may lead to lapse of the policy and you must be aware about all the implications. Contact team compass for more information on loan on Life Insurance.

Accident & Disability Cover

Accident and Disability Cover provides with the assistance in case of mishaps and subsequent injuries leading to disability.
All the out of pocket expenses during the course of treatment after accidents are covered with this insurance. In the worst possibility, if a person sustains
injuries which restrict them to obtain income, our Accident and Disability Cover will assist with monthly cash benefit till the time they can return back to work.

Our unique Accident Cover encompasses the following expenses:

Ambulance Charges

Hospital Stay & Treatment

Medicines

Diagnostics

Medical Aid

And so much more...

Our Disability Cover may help you for the following expenses:

Personal Expenses

Groceries and Maintenance

Vehicle Mortgage

Loan Instalments

And so much more...

Life Insurance: Individual / Group/Employee benefit solutions

Life Insurance is the surety of the future financial security in case of 'Loss of Life'. We offer the comprehensive advice on Life Insurance Policies for an individual and a group of individuals too.
The life insurance benefits can also be provided to the employees by the corporate or associations as the employee benefit programs or member benefit programs.
In case of the events as per insured in the policy draft, the life insurance policy guarantees a lump sum payment to the beneficiaries.
Depending on the policy draft, the Life Insurance Policy for individual/ group of people/ employees may offer the following benefits...

Permanent Life Insurance

Universal Life Coverage

Term Insurance

Accidental Death and Dismemberment Insurance

Unit linked Insurance Plans & Pension Term Assurance

Critical Illness

Q.What does critical illness cover provide?

A. Critical illness insurance pays you a tax free lump sum if you are diagnosed as having a serious illness or condition, or require a specific operation, which is included in the list of insured illnesses that is in the policy documents issued by your insurance company.

Q. Why should I want critical illness insurance cover?

A. Critical illnesses occur more commonly than you may be aware. The average age of a policyholder claiming under for this type of plan is 47 (Source: Munich Reinsurance Co 2000).

The difference between life cover and critical illness cover is that with critical illness, the sum insured is paid out as soon as the illness is diagnosed. With life insurance the sum insured is paid out on death. This means that with Critical Illness the money from the policy can be used to benefit benefit you as well as your family.

You may believe that “it won’t happen to me” and we really hope that it doesn’t, but consider the following facts: -

35% of men and 46% of women who are diagnosed with cancer survive at least 5 years

78% of those who suffer a stroke survive more than a year.

1 in every 5 men is diagnosed with a critical illness before their normal retirement age.1 in every 6 women is diagnosed with a critical illness before their normal retirement age.

Q.What conditions are considered critical?

A. Years ago Critical Illness Policies only covered heart attacks, strokes and cancer but today the list of insured illnesses is truly extensive.

Q. What other types of insurance policy should I consider alongside critical illness cover?

A. In addition to critical illness cover you should also consider: -

Mortgage Payment Protection insurance

Income Protection Insurance

Life Insurance

Income Protection Insurance :

Income Protection insurance pays you a regular income should you have an illness or be involved in an accident that causes you to be off work or become unemployed. Most policies will continue to provide income for 12 months.

If you claim there will usually be a waiting period of 28 days but on good policies, the payments will be backdated to the first day you were off work.

Mortgage Payment Protection Insurance :

Mortgage Protection Insurance pays your monthly mortgage payment if you are off work due to illness, accident or unemployment. Most policies will pay your mortgage for 12 months.

If you claim there will usually be a waiting period of 28 days but on good policies, the claim is backdated to the first day you were off work.

Full details of this and other types of insurance are available when you speak to COMPASS

Life Insurance :

Life Insurance pays a tax-free lump sum if you die. It is often used to settle outstanding loans and mortgages, provide money for your family to live on or simply to leave as a gift.

To a certain extent there is an overlap in its uses with critical illness insurance but we suggest that the primary function of critical illness insurance is to help you financially whilst you are alive (but ill) whereas life insurance helps your family after you are gone.

Q. How much does the critical illness cover cost?

A. The cost of a Critical Illness Policy depends on the amount of cover you need, your personal

details (especially your health and age) and the optional extras you select.

Q. How will a claim be paid?

A. If you have a valid claim, a normal Critical Illness Policy will pay you a tax-free lump sum.

Then, as soon as the payment is made the policy will end.

For a claim to be valid, you will have to be diagnosed by a qualified doctor as having a critical illness or condition which is specifically listed as an insured illness in your insurer’s Key Features Booklet.

All insurance companies require you to have survived for a specific number of days following your diagnosis in order to make a claim.

Q. Can the critical illness insurance be continued after a claim?

A. No. If the claim has been successful, the money will be paid to you and this ends the Policy.

If you need further financial protection you may wish to consider an Income Protection Policy or Mortgage Payment Protection Policy to run alongside your critical illness plan.

Income Protection policies pays a monthly income if you are off work due to accident, sickness, or unemployment.

Mortgage Payment Protection policies pay your monthly mortgage payment if you are off work due to accident, sickness, or unemployment

If you would like to discuss more issues or would like to meet one of our qualified advisors then please contact us on 04 3584030